EUROPEAN MORNING BRIEF 20/03: SHFE copper prices under pressure; Canadian steelmakers fret over Section 232; tensions building in Mn ore market

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Tuesday March 20.

Base metal prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Tuesday amid a risk-off tone in financial markets ahead of the United States Federal Open Market Committee’s monetary policy meeting on Wednesday.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02:17am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,839.50 -14.5
Aluminium 2,089 1
Lead 2,362 -5
Zinc 3,237 -24
Tin N/A N/A
Nickel 13,520 40

SHFE snapshot at 10:17am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (May) 51,330 -90
Aluminium (May) 14,010 50
Zinc (May) 24,740 -65
Lead (May) 18,330 -15
Tin  (May) 144,090 -760
Nickel  (July) 102,180 10

Canada’s steel industry participants worry that the Section 232 tariff in the US will cause foreign material previously bound for the US to be diverted into their country, but so far the Canadian producers have stopped short of calling for equivalent tariffs.

Tensions are building in the manganese market with ore consumers protesting a four-month price rally that has left them effectively boycotting the market for their raw material.

Aluminium sheet shipments by North American producers rose year on year in February, coinciding with a tightening in trade policy by the US.

Brazilian crude steel output increased by 5.50% year on year in February, according to figures released by national steel institute Aço Brasil on Monday.

The United Kingdom’s Liberty Recycling, part of Liberty House Group, has chosen the southeastern United States as a starting point to grow its footprint in the US scrap industry, acquiring full ownership of Florida recycler and exporter Export Metals LLC.

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